(Adds auction result)LAGOS, Feb 14 (Reuters) - Nigeria has raised 176 billion naira ($576 million) worth of treasury bills at an auction on Wednesday, traders said.The central bank offered 6 billion naira of three-month paper, 30 billion naira of six-month bills and 140 billion naira of one-year notes. The bank issues treasury bills twice a month to help the government to finance its budget defic...Read More
By Benet KolekaTIRANA, Feb 14 (Reuters) - Albania's central bank said on Wednesday it wants to reduce the use of the euro in its financial system by 10 percent over the next three to five years to make the country's own monetary policy more effective.Governor Gent Sejko said now was a good time to act, and cited the problems faced in Poland and Hungary, where families and businesses borrowed heavi...Read More
(Adds forecasts for coal, copper, zinc and bitumen output, CEO comment on outlook, stock price)By Susan TaylorTORONTO, Feb 14 (Reuters) - Teck Resources Ltd , the world's second-biggest exporter of steelmaking coal, said on Wednesday that growing global steel production is expected to boost demand for its coal in 2018, though coal trade competition will also likely rise.Vancouver-based Teck, whic...Read More
By John O'Donnell and Jennifer HughesFRANKFURT/HONG KONG, Feb 14 (Reuters) - A U.S. investigation into whether Credit Suisse hired referrals from government agencies in Asia in exchange for business poses another reputational hurdle for CEO Tidjane Thiam as the Swiss bank enters the final stretch of a three-year turnaround plan.Credit Suisse said on Wednesday that it was in contact with the U.S. D...Read More
The U.S. stock market was swimming in red ink at the start of the session, ashotter-than-expected inflation data sparked concerns of more aggressive rate hikes by the Fed. In addition, traders digested weaker-than-anticipated January retail sales. After being down 150 points at its intraday low, though, the Dow Jones Industrial Average (DJI) has erased most of its losses -- and briefly explored po...Read More
(Kitco News)- Renewed safe-haven demand on theback of a weaker U.S. dollar has helped boost gold’s technical momentum andsome analysts see the potential for higher prices in the near-term.According to some analysts,gold's newfound momentum has helped the gold market break bearish technicalas the price action was forming a short-term head and shoulders pattern.Officially the pattern isn&rsquo...Read More
Kevin Wilson offers ideas to prevent the next crisis, and solutions to the crisis after ignoring reforms that might stave it off.Roger Nusbaum offers an autopsy of the sophisticated strategies that just blew up.Axel Merk evaluates U.S. equity market charts.The abject failure of authorities to correct the problems that caused the previous financial crisis are among the reasons many commentators exp...Read More
Ahead of the opening bell this Thursday, Feb. 15, Israel-based CyberArk Software Ltd (NASDAQ:CYBR) is slated to report its fourth-quarter earnings. Options traders are banking on CYBR to make a massive move on the charts in the wake of its quarterly results -- currently, the equity's options are pricing in a 13.8% post-report move, according to Trade-Alert, nearly doubling CYBR's average one-day p...Read More
NEW YORK, Feb 14 (Reuters) - Long-dated bonds "represent a significant risk" and are not providing adequate compensation to investors, BlackRock Inc's chief investment officer of global fixed income Rick Rieder said on Wednesday.Rieder said in a statement there is a "strong case" for owning short-term U.S. bonds instead as inflation picks up and said that the U.S. Federal Reser...Read More
(Adds details on Chipotle's median price target relative to stock, updates shares)By SangameswaranSFeb 14 (Reuters) - Chipotle Mexican Grill Inc shares jumped as much as 16 percent on Wednesday, as analysts called its recruitment of Taco Bell chief executive Brian Niccol a potentially transformational moment after two years of brand-crushing food-safety scandals.However, they cautioned that Nicco...Read More
NEW YORK, Feb 14 (Reuters) - J.P. Morgan said on Wednesday it dialed back its outlook on U.S. economic growth in the first quarter to 2.5 percent from 3.0 percent as "ugly" data on domestic retail sales in January offset a "scorching" consumer price report. "Today's inflation reading should probably cement in place the Fed's intent to hike rates at the March FOMC meeting,&...Read More
Feb 14 (Reuters) - Wall Street's main indexes inched higher on Wednesday morning, reversing course from losses earlier in the session that were sparked by stronger-than-expected inflation data.The Dow Jones Industrial Average rose 28.14 points, or 0.11 percent, to 24,668.59. The S&P 500 gained 10.09 points, or 0.39 percent, to 2,673.03. The Nasdaq Composite added 55.47 points, or 0.79 percent,...Read More
(Kitco News) - Goldprices are posting sharp gains of around $20 an ounce inlate-morning action Wednesday. A volatile day in the U.S. stock market ishelping to boost safe-haven gold. U.S. stock indexes were poised to open theU.S. day session modestly up, but then dropped sharply in the immediateaftermath of a hotter-than-expected U.S. consumer inflation report. Since thenthe stock indexes have boun...Read More
Universal Display Corporation (NASDAQ:OLED) stock is up 8.1% to trade at $157.91, afterthe electronics supplier reached a long-term licensing deal with Samsung's display business -- which supplies Apple (AAPL) with organic light-emitting diode (OLED) screens. The deal will run through 2022, with the option for extension. After touching a record high of $209 on Jan. 19, Universal Display stock sol...Read More
(Kitco News)- Gold investors should feel a little more confident as theyellow metal has proven resilient following a sharp selloff after U.S.inflation data shocked financial markets.Wednesday morning has been volatile for the gold market,which is just off session highs, recovering from a $14 drop following mixedU.S. economic data from January; the Consumer Price Index showed inflation washotter th...Read More
(Kitco News) - Goldprices have pushed to new daily highs and are solidly up on theday, in late-morning trading Wednesday. Some safe-haven demand is featured asthe U.S. stock indexes are showing a significant increase in daily volatilityso far Wednesday. Chart-based buying interest is also featured in gold futuresas buy stop orders were triggered when prices moved to a new high for the week.April C...Read More
Retailer Target Corporation (NYSE:TGT) scored an upgrade to "outperform" from "neutral" at Baird today, along with a price-target hike to $85 from $75, with the brokerage firm waxing optimistic on same-day delivery prospects and exclusive brand launches, among other things. TGT shares yesterday popped above their 10-day moving average for the first time since Jan. 24 -- a day after the stock touch...Read More
Beleaguered burrito chain Chipotle Mexican Grill, Inc. (NYSE:CMG) is catching a lift this morning, as traders cheer reports that the company has hired Taco Bell boss Brian Niccol -- the mastermind behind the Doritos Locos Taco -- as its new CEO. Niccol is slated to replace Chipotle founder Steve Ells in the top job as of March 5.The news has CMG trading sharply higher this morning, up 13.3% at $28...Read More
Shares of Fossil Group Inc (NASDAQ:FOSL) have gapped nearly 82% higher in electronic trading -- set to soar to their highest point since an early May bear gap, and poised for their best day ever -- after the watchmaker reported better-than-expected fourth-quarter earnings and revenue, citing strong demand for wearables. The retailer also said same-store sales jumped 2% in the last three months of...Read More
Gold “fulfilled its role” by providing liquidity when investorsneeded it during a recent sell-off in global equities, says Standard Chartered.Whereas such stock-market sell-offs sometimes lead to safe-haven buying, golddeclined in this instance, with a number of analyst saying some investorsliquidated their gold holdings to raise needed cash. “While gold’s price weakness ma...Read More